Zenith Bank Plc is set to expand its footprint across Africa, leveraging its massively oversubscribed N350.46 billion capital-raising exercise, as announced by Group Managing Director Adaora Umeoji during a Closing Gong Ceremony at the Nigerian Exchange Group (NGX) on Tuesday.
Umeoji’s electrifying speech underscored the bank’s ambitious growth strategy and unrivalled financial prowess, with the capital raise achieving a 160% subscription rate, propelling the stock price from N36.50 to approximately N68.
“We achieved a 160 per cent subscription; our stock price has since doubled,” Umeoji declared, her voice brimming with gratitude. “Thank you so much for the confidence that makes it double.”
Speaking to a jubilant crowd of executives and market stakeholders, she proudly noted, “With the half-year result, I am happy to announce that Zenith Bank is the most profitable bank in Nigeria, and we are the Nigerian financial industry that has paid the highest dividends.”
The event brought together bank executives, market stakeholders, and industry leaders to celebrate this key achievement amid cheers and raised fists as the gong resounded through the trading floor.
Umeoji outlined Zenith Bank’s strategic vision, emphasising the capital’s role in expansion: “Since the capital raise exercise, we have been able to use part of the money to expand our footprint. We’ve started by opening our Paris branch and we are going to move from there to Côte d’Ivoire; we are already processing the licence. From there, it will give us a passport to other Francophone African countries. We are looking at East Africa as well.” She added, “This expansion strategy is because we are formally upping our client business and we’re ensuring that we go to countries where we can scale and provide more returns for shareholders.”
The capital raise, comprising a rights issue of 5,232,748,964 ordinary shares and a public offer, aligns with the Central Bank of Nigeria’s recapitalisation mandate, positioning Zenith Bank as a leader in the sector. Umeoji credited the market for the bank’s growth, stating, “In Zenith, we have strategic positioning; this recapitalisation exercise has really helped us to grow our business, and it has made us have more than 700,000 shareholders since we got listed. Without this market, we would not have grown to what we are today.”
Zenith Bank’s half-year results for 2025 reported a profit after tax of N532.18 billion, shareholders’ equity of N4.57 trillion, and a capital adequacy ratio of 26.3%, well above regulatory requirements. NGX Group’s social media post highlighted the market’s exuberant response, reinforcing the event’s significance.
This milestone not only strengthens Zenith Bank but also signals robust investor confidence in Nigeria’s banking sector.
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